A Re–examination of the Effectiveness of the Bankruptcy Process
重新检验破产程序的有效性，发现相对健康的公司破产后经营和股票表现较好，且财务预测误差比以往认为的更小、不显著，经济健康状况影响破产后结果。
As an increasing number of companies go bankrupt, society grows concerned with the process’s efficacy. In contrast to previous research, we find that relatively healthy companies emerge from bankruptcy as evidenced by their operating and equity performance post bankruptcy. While we find a substantial degree of variation in the forecast accuracy of sales, EBIT and net income, we find that forecast errors are not statistically significant and are smaller than had been thought. We provide evidence to support the argument that the economy’s health affects operating and equity outcomes post bankruptcy.